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MicroStrategy Sells $105M in Bitcoin as Price Hovers Near $64,000
Bitcoin held steady near the $64,000 mark in early trading Tuesday, even as MicroStrategy, one of the largest corporate holders of the cryptocurrency, disclosed it had recently sold a portion of its holdings.
MicroStrategy Trims Bitcoin Holdings
MicroStrategy Inc. (NASDAQ: MSTR) revealed in a Monday filing that it sold 1,683 bitcoins last week, generating approximately $104.7 million in proceeds. The sale, which marks the third time the company has trimmed its position, reduces its total bitcoin treasury to 842,138 BTC, according to the source report.
The disclosure follows the company's second-quarter earnings report, which showed a wider-than-expected loss. The results were heavily impacted by unrealized losses on its crypto assets, as its average purchase price stands at roughly $75,419 per coin, well above current market levels.
Market Sentiment Weighed by Security, Earnings Concerns
The broader cryptocurrency market remains in a narrow trading range, weighed down by disappointing corporate earnings and a significant security breach. Sentiment was further dampened by a recent lackluster earnings report from crypto exchange Coinbase Global Inc. (NASDAQ: COIN), which added to negative sector-wide feeling.
AdMarket participants are also digesting news of a high-profile hack on Canadian wallet provider Coinkite. The incident, which saw nearly $90 million in bitcoin stolen from cold wallets—typically considered the most secure storage method—has added to investor caution.
Bitcoin Holds Key Level Amid Altcoin Gains
Despite the headwinds, Bitcoin has maintained its recent price levels. As of 2:29 a.m. Eastern Time, Bitcoin was trading up 1.8% at $63,755.1, after briefly touching the $64,000 level earlier in the session, according to Investing.com data.
Other major cryptocurrencies saw modest gains:
- Ethereum (ETH) rose 0.7% to $1,856.84.
- XRP gained 0.5% to trade at $1.0738.
- Cardano (ADA) posted a stronger performance, rising 6.6%.
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